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Manufacturing grows at slower pace

Economic activity in the manufacturing sector grew in October for the 29th consecutive month, while the overall economy grew for the 48th consecutive month, said the nation's supply executives in the latest Manufacturing ISM Report On Business®.

The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Management™ Manufacturing Business Survey Committee. "The manufacturing sector grew for the 29th consecutive month in October based on the ISM data. The PMI continued its strong performance supported by continuing growth in New Orders and Production. Rising prices, and energy costs in particular, are of major concern as manufacturers are struggling to control costs."

The PMI for October registered 59.1 percent, a decrease of 0.3 percentage point when compared to September's reading of 59.4 percent. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.

The 15 industries reporting growth in October — listed in order — are: Electronic Components and Equipment; Apparel; Food; Paper; Glass, Stone and Aggregate; Miscellaneous; Wood and Wood Products; Fabricated Metals; Chemicals; Instruments and Photographic Equipment; Furniture; Transportation and Equipment; Primary Metals; Printing and Publishing; and Industrial and Commercial Equipment and Computers.

The complete report can be found here.